NAFCU President/CEO Fred Becker told the Credit UnionTimes today he thinks the NCUA is "trying something similar"to the FDIC as it attempts to separate toxic assets from corporatesseeking recapitalization. Friday, the FDIC sold $1.8 billion worthof corporate debt backed by mortgage backed securities previouslyowned by failed banks.
Becker said his main concern over a similar plan for creditunions would be the cost of offering toxic securities at amark-to-market price, and how that would affect corporateassessments for federally insured credit unions.
"That is the real concern for the industry," Becker said."Credit unions are already paying 25 to 40 basis points. How muchmore, if any, will they have to pay?"
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